Brink's Home Security 1Q Profit Climbs 19 Percent

IRVING, Texas (AP) — Brink's Home Security Holdings Inc. said Wednesday that its first-quarter profit rose 19 percent mostly on lower royalty expense as revenue improved on subscriber growth and increased average monitoring rates.

The home security company's net income rose to $15.2 million, or 33 cents per share, from $12.8 million, or 28 cents per share, a year earlier.

Results included new brand development costs of 2 cents per share and a litigation charge of 5 cents per share.

Analysts predicted earnings of 38 cents per share, according to a Thomson Reuters survey. Analysts' estimates typically exclude one-time items.

For the period ended March 31, revenue increased 6 percent to $136 million from $127.8 million on its larger subscriber base and higher average monitoring rates.

The results missed Wall Street's estimate of $138.1 million.

Brink's Home Security, which was officially spun off from Brink's Co. in November, said ending subscribers climbed 5.7 percent from the prior-year period.

The company anticipates 2009 revenue growth in the mid to upper single digit range on subscriber growth in the mid single digits.

Analysts expect full-year revenue of $567.4 million.

Shares of Brink's Home Security added $2.43, or 9.2 percent, to $28.93 in afternoon trading. The stock has traded in a 52-week range of $13.15 to $29.06.